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Opportunity Cost 23
Shortages Surpluses Changing Economic Conditions
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aggregate demand aggregate nominal demand aggregate real demand aggregate real supply antitrust assets average banks billion budget buyers capital cartel Chapter circular flow consumption cost curve demand curve dollar earned economic economists effect elasticity equilibrium example expenditure factor factors of production federal firms fiscal policy government purchases growth rate households important income tax increase indifference curve industry inflationary inputs interest rate labor level of nominal loan long-run marginal cost marginal revenue ment monetary policy money supply monopolist monopoly national product natural rate nominal GNP nominal interest rate nominal national income Okun's law oligopoly opportunity cost payments percent percentage perfect competition Phillips curve planned investment pollution price level problem profits quantity real output real supply curve regulation reserves schedule shift short-run social supply and demand tax cut theory tion U.S. economy unemployment rate unions United wage wheat workers